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ARTICLE · 09 OCTOBER 2025

Making Projects Bankable: Legal Due Diligence And MIGA Coverage In Practice

Hughes Hubbard & Reed LLP
Hughes Hubbard & Reed LLP
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Hughes Hubbard & Reed LLP

Hughes Hubbard & Reed LLP

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In today's project finance landscape, legal structuring and risk allocation are inseparable from the political risk insurance that underpins bankability in emerging markets.

United StatesFinance and Banking
Daniel Leslie
Daniel Leslie
Richard Silverberg
Richard Silverberg
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Oct 3, 2025 – In today's project finance landscape, legal structuring and risk allocation are inseparable from the political risk insurance that underpins bankability in emerging markets. For the World Bank's Multilateral Investment Guarantee Agency (MIGA), the challenge is twofold: first, to ensure that the due diligence aligns with its policy triggers – ranging from environmental and social compliance to anti-money laundering, sanctions screening and anti-corruption safeguards – and second, to anticipate how evolving legal developments, such as foreign exchange controls or regulatory instability, may crystallize into claims under its coverage. This article covers both dimensions and provides a practical checklist to guide legal due diligence through MIGA's lens as well as a deeper dive into recent trends in currency convertibility restrictions – an issue at the heart of many recent transactions – illustrating how contractual and insurance solutions can work in

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